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Social Security Survivor Benefits

Finishing Well / Hans Scheil
The Truth Network Radio
September 11, 2021 8:30 am

Social Security Survivor Benefits

Finishing Well / Hans Scheil

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September 11, 2021 8:30 am

This week, Hans and Robby go over social security survivor benefits, and what all that entails.

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!


You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at  Find us on YouTube: Cardinal Advisors.

Finishing Well
Hans Scheil
What's Right What's Left
Pastor Ernie Sanders
Finishing Well
Hans Scheil
Financial Symphony
John Stillman

This is Rodney from the masculine journey podcast.

We explored manhood within Jesus Christ your chosen Truth Network podcast starting in just a few seconds. Sit back and enjoy it, share it, but most of all, thank you for listening and choosing The Truth Podcast Network. This is the Truth Network welcome to finishing well brought to you by Cardinal certified financial planner longs a child, best-selling author and financial plan of helping families finish well for over 40 years of finishing well and will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started.

Finishing well, finishing well is a general discussion and education of the issues facing retirees are no advisors on trial CFP some insurance this show does not offer investment products or investment advice welcome to finishing well with certified financial planner home silent today show is this Social Security survivor benefits, which is a mouthful of your gun. Oh wow, I get to hear that. Well, there really is some really helpful information in this show. I know that for me personally it significant and MP3s that significant is that our lives that you know we leave a footprint and years ago I picked up a book.

It was called a shepherd's guide to the 23rd.

Solomon and I hope you had a chance to study the 23rd Psalm at some point in time your life after the last couple verses it says. Surely goodness and mercy will follow me all the days of my life and I will do on the house of the Lord forever. Well that's sort somewhat conditional on the first line of the 23rd Psalm, which is the Lord is my shepherd night and if he's your shepherd. Then the resulting action of the sheep will cause this to happen and here's how shepherd looked at that much more in this wonderful book. It's called a shepherd's guide of the 23rd Psalm. He said that she for the animals with the golden hooves and if there shepherded properly, they will taint take a pastor this just essentially dead and brown and turn it into a bright green lush pasture based on the way that they feed on the grass, the length of the grass they leave it in the manure, etc. the way that they treat a field you can tell where the sheep have been an incident when you look, there's a beautiful passage in the first chapter the song of Solomon where the lover of Jesus is looking for him. So the shepherds tell her that in order to find the sheep you discover follow the tracks will bears the idea is goodness and mercy.

You see, if you live your life under the shepherd you leave a footprint right and and that footprint is goodness and mercy and so when retirement survivor benefits). We talked about this financially, but I want anybody to miss that your life leaves a spiritual footprint right and in one of the heroes of today shows actually been tremor to me talk a lot about him but constantly he left a real imprint even in your own life you absolutely dear friend reduce passed away about two weeks ago and you know it the same time and very sad had the privilege of going over in meeting with his wife and widow Daphne was also a very dear friend of mine and will overcome with this deep sorrow where we dismiss Levi and we miss him greatly and he we we have joy where we were just seeing the whole plan coming together and this is the day that he was concerned about the whole time of no satellite. I met him in church where I was making a presentation to his church evolving elder people in the church talking about the things I talked about and help people with an he waited till the whole crowd afterward to come up and ask questions till the end and he came up to me and he says you know I've got this problem that I'd like to help me with just build a house for my retirement I get a 30 year mortgage it all on one level, six or seven years older than my wife and I'm just real concern that after I die. She's can have trouble making house payments so I do some. He said she is also not getting any survivor benefits on the military pension so any schism, really making house payments with the military pension yet to one for disability and one for service. He played in saving the just edited and then he had about $30,000 put together and what he thought I could help them with is investing this money in such a way that there'd be significant money for her.

When the day comes that he's gone. So just listen to them and I told him I said you know, it sounds to me like more than an investment plan needed licensure and they just real quickly so I can get life insurance I got health problems and and so we kept talk and going on and then I discounted jokingly told him I said you know just seems kind to me that you're the one telling me you can't get life insurance when on the life insurance and so I said how about you turn that business into a question that I literally made emasculate. Can I get life insurance; maybe I think there's a good possibility. We can either get 100 companies and you know I know the ones that specifically work well with people in their 70 and so get to the end of the thing he ended up buying a pretty substantial life insurance policy that was very expensive.

Communities got a pacemaker had a pacemaker and then he also has type II diabetes manage very well this goes in shape.

His former military officer retired military officer meet the so so that's kinda how my business relationship started he got me involved and my people that work for me involved in the food bank is very much involved American ran the whole program at his church and were over there once a month distributing food several times with his people would come into money within the community really go over and see Daphne and Benjamin.

They go over there, see Dan and then he'd bring them there at an appointed time, and then I'd come over and help you know he just said I know this guy you know and the guy was me. So that's kind of the nature of the relationship and I'm I want to tile this into Social Security.

But you know I'm very still very emotional about about the loss of of him as a as a friend and then I'm also very joyful, just the privilege of being the life insurance kinda shows up after the death and to be able to sit with the family and make this plan we been working on for years. Come to pass. You can certainly see the footprint that that is maybe now I concede you know I've heard you actually speak to them about him many times Hansson and and so it's cool you know that how these people leave a footprint of goodness and mercy and and and certainly he's left at in so many ways for his family now and in one of the ways he did.

That is, by understanding that Social Security lose a check and the pension your email. All those things were a mathematical situation that you know a spouse has to take into account the numbers right in front of me that his Social Security check with 1450 and one Daphne's check is 1100's pension from the state of North Carolina, 775 bucks a month pension from the state of North Carolina thousand and 52 his military pension number one 2500 bucks a month is disability pension which I think was for Agent Orange from Vietnam 2000 and so these folks had 8877 role and in a moment, and they didn't live community just didn't but they had nice things and they had two nice cars and you this home, all on one level, that they had built and they help the kids out rain kids ended did a number of things but as soon as he passed away. What happened is her $1100 Social Security check goes away and she gets it so you could say that the benefit of the survivor benefit is 1450 a month but it looks to me like the removal of the benefit deter 1100 boxes, and then is $775 pension cuts and have she still gets horrors of the thousand and 52 month she gets nothing, not even one of these military now were hoping that this untapped widow benefit because he married her after he retired from military so she went. They went together from 8877 a month down to 2890 a month now. Praise the Lord.

They've got $220,000 life insurance that's coming to her and then there's another hundred thousand dollars annuity is getting divided up between her kids and his kids. There's another piece of the footprint that you took care of right another thing to think about.

Clearly, especially for those of us like me or my wife is almost 10 years younger than I am that allow I mean, what happens, especially in on my case from still working so you lose that income and then you know my Social Security you know it when she becomes eligible for that, you know, how does she take and if she takes an early benching pays a penalty for the rest realize all those things are a big part of the show today of just talked about in a let's consider what happens when one spouse goes to be with the Lord planning issue. People in their 50s and 60s is to prepare one of you goes early or mid term in one of you was a long time for many years in the trailer very well may happen. He was already on top of this before he met me worried that I didn't quite know what to do, but you folks need to be looking at what what kind of shape is my spouse can it be in moneywise income wise when I'm gone.

It's just that simple and you know I can help you do that and we can dig into this a little deeper will meet come back at the second part of an hour and 1/2 hour we can go through the numbers on this and then we can talk a little bit about the life insurance that he put in place and it was expensive. 77 but he silted, and it paid off like a slot machine is a lot better.

That is, it is money, and on some investment so you know, obviously all these topics that were talked about today are Hans's book the complete cargo guide to planning for and living in retirement, which is available at Cardinal guy in the Cardinal is where our sponsor is in him and clearly you can find all that information on homes as well as emailing and asking for the book but also he's got these YouTube videos of his YouTube video that lines up with today's episode.

That's it. Cardinal advisors different word. I'm still cargo being the first one but they Cardinal advisors on YouTube and believe me they got lots of other content as well as podcast of all the previous shows in all these different topics are all as far as the Internet and Cardinal advisors. As far as YouTube, so will be right back with a whole lot more survivor benefits all the tracks of the sheet. Hans and I would love to take our show on the road to your church, Sunday school, Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care.

Just go to Cardinal and contact time to schedule a live recording of finishing well, your church, Sunday school or civic contact time that Cardinal that's Cardinal welcome back to finishing well with certified financial planner Hans Schild today show is Social Security survivor benefits and you know we've been talking about the footprint.

Your life leaves and the footprint that Benjamin left Hansson's friends so much pick us up there and through the hundred thousand dollars life was on top of the hundred and 20,000 that was spread over five policies and his plan for this hundred thousand workers and work were short, about 50 grand on immediately. She was one talk about that in a civil path to mortgage.

Here's why is like 23 years left on the mortgage and she's 77 so she's can it need to live do 100 before you know she make a payment she can it lead to 100 other words, if she passes away at 90 still have your mortgage in the house she'd all you have to admit the payments for 13 years so I think were better off making the payments out of the pool of 220 grand, at least for the short term and just incidentally that hundred thousand dollars of life insurance will make 77 payments of 1300 month so that'll at least get around six and half years. Lesson learned little interest so we were just isolating that so that the deal is. It's not always smart with a life insurance settlement to pay off mortgage because you might be better off just having the money on your side of the equation and is continuing to make payment on but you know she's gonna be fine because he's got 220,000 life insurance and then in addition they have about 50 to $60-$70,000 just money that come from different things so between 270 grand and they still do have income of 2890 a month or she does. She can be fine that the good decent story and I wanted to mention also that you talk to me since the beginning that he inherited his mother's house, which he didn't think was worth much etiquette told me about 50 $60,000 is what he told me maybe a guess of 70 and a long couple years ago. This isn't too far from downtown Raleigh. People are come around. Want to buy that house and I just my advice to Benjamin was that Morgan do with these people there want to buy the house. Make an offer and houses I want written on that I can look at and dad said he thought that was your bid in place and I want numbers on whether the paying cash or somebody else so he goes and does all that I never met with it came out that it was pretty sweet. And then as soon as he got the written offer now is worry about taxes and how much taxes so we do another little bit of work to do it quickly because now got an offer on the table it will be able to finagle thing with the stepup in basis from his mother's passing years ago and Bob Obama law that we ended up paying no tax on this is net out of the whole thing was about hundred 70 grand house that he thought was worth 50 or $60,000. Somebody thinks it's worth more. So you get the hundred 70 grand and then once he gets the money EE use about 70 grand to do something for them, and pay off of that and not by himself a car and then we told me she wanted to leave $100,000 to his children because he was making you hold the house. He has two children and then she has two children or stepchildren really want to leave some money to all forum and this was the perfect money is a residual hundred thousand dollars.

What we did is we put into an annuity not thinking we're gonna get rich off interest in the annuity taking advantage of the avoiding probate is we just named beneficiaries on the annuity and I took care that the other day with him to do is fill out all paperwork and he asked for my advice on that and the city want to leave more to his kids because it was their grandmother's house, but it was also the step kids stepgrandmother so we came up with 35% to each of his kids 15% to is to step kids, and that he could hundred percent and so now they are all getting an inheritance the cash appearance coming quickly to all four kids and More pieces of the footprint you know that I helped them do believe the one that did. It's just remarkable somebody with fairly limited assets was able to really take care of everybody in the family, including his surviving wife and widow and what we want to do on the show today is really is all of this is relevant from a planning standpoint from people in their 40s 50s 60s 70s.

We were all covered by Social Security. If you're married, you gotta think about if one of you passes soon or sometime in your 60s or 70s and the other one lives into their 80s or 90s. You gotta really look at what the income is going to be and what lifestyles can it be for the surviving spouse, dancer and Allison is something that I thoughts.

I'm so glad that we've done the shiftless test you know the window benefit is available for people when they're 60. But you, when you do that you reduce your benefit for the rest your life. Select 71% of what it would be at full retirement age so you know it it's a really good idea to take a look at this and discuss it with your spouse like you know my case Tammy don't you know hold off.

The reason I bought this life insurance. The reason I did certain things is for goodness sakes. Wait till your full retirement age because I want to limit your income. Based on our thinking that you go ahead and get some security since you qualify as a way to write exactly right. And you need to think about the Danielson need to think about is she's a survivor, then that's all she can have is that one of two checks per checks can go away when she gets your check go think about everything else and that's work were life insurance is just a miracle product and you know it.

It makes me sad when people get on consumer people start trashing life insurance like it's something ripped off or something in life insurance for older people and talking about cash value life insurance is really people don't understand and when you can really watch this in action in life insurance pays off in a situation just like you describe if you were to go on pass on early and then and then Tammy is going to need to wait to file for Social Security and thence to live off the life insurance and then but once you get the Social Security at the higher amount she's doing a need for life insurance money to supplement that to go on for the rest of her life out.

I sent out his and it's kind this really a godsend for my perspective that you not start doing this show because it really kind of you know I call you the goad quite often like yeah you need to be thinking about this I promise you and and you know I want to leave a footprint that my family goes yeah he he he took care of his wife. He took care of his kids, but the onion also took care of the church and in all those different things it's it's really an opportunity to think through and understand all that stuff that really it's all This is a wealth of information that really everybody should go on that website and check out there because it shows you all the benefits would do. Next thing you need to be thinking about is most people don't have pensions anymore like Benjamin and Daphne adhere to the day and have and that the benefit that comes to them and only one Social Security check. But what people have its place is 401(k)s and IRAs in the beauty of those especially if you haven't started drawing on is the survivor benefit in the cache Valley and then will tell you is too often people sell at my licensure of all you should be all set.

Or it'll be all set we need is a narrative that will not so fast. We need to scenario a list and look at distribution taxes and all kinds of things and it that's what we do in retirement planning and financial planning is look at different scenarios and heavy start preparing and saving and paying premiums on life insurance and doing all those things in the pre-retirement and even in the early retirement. We have people paying for things preparing for late retirement for either or both of the town so you can see that's a mouthful. You know that it's it's really as he began to see that wow from my standpoint, you know, I can actually feel really good that III can completely right this minute not only see how Tammy will be taking care of, but I've had those conversations, and even gotten the paperwork in place with your help actually hunt for all those things that you say we got half of those are all the legal documents done by an attorney and we have you know, an attorney who works at very reasonable prices. And then she's guided by me in the sense that she doesn't start selling people all kind of fancy stuff like trust that they probably don't need that really didn't cost you much to get all that stuff done for you and Tammy and make an offer to people really around the country could all find a somebody like her. If you're in a different state, Baker, North Carolina. It's very simple to use the attorney that is in my office and see if she'll work over the phone.

All that kind of thing in and Daphne and then Benjamin used her and so all the documents are right there that part of his escape, and that since I can imagine. Start asked me right this minute because to have the power of attorney to have the will, all that stuff my dad had it as well and and so it was really nice to be familiar with it at the moment when you really need your gratifying for me to be sitting down, you know, I'm very sad when I lost a friend and client. It's gratifying to me is down people and the oldest of work like it's supposed to work and again I can just tell in her voice.

She's very comforted by evening that worried when she called me because she knew it must've footprint and you know aided by me and part of the footprint was he left me behind and she also know that I'm backed up by me, Thomas still 29 years old and has a go sit down with your spouse or Tammy Thompson be right there.

God willing now and and that's all in a part of an ally. Hans is the goad my needs is that you know that that passage where in the Bible where it says why you kick against the gods.

Well you guys there like to keep reminding us that we had to be thinking about these things. Even if you're younger like what does happen. Of all the sudden you know these things happen and almost planning. It's right there in Hans's book the complete cargo guide to planning for living and finishing well actually in retirement.

Is there a cardinal and mention again that each of these wonderful YouTube videos that lineup so well what we talked about today, it's there at Cardinal advisors on YouTube again.

Cardinal advisors is the YouTube and you know now I forgot the Cardinal got denied I cardinal shows that my memory of you not get all B Brian Scott, as always, I love this. I love doing this finishing well is a general discussion and education of the issues facing retirees cardinal Cardinal advisors upon trial CFP some insurance this show does not offer investment products or investment advice.

We hope you enjoyed finishing well brought you by cardinal visit for free downloads of the show or previous shows on topics such as Social Security, Medicare and IRAs, long-term care and life insurance, investments and taxes as well as constant best-selling book, the complete cardinal guy to planning for and living in retirement and the workbook once again for dozens of free resources past shows to get Hans book go to if you have a question, comment or suggestion for future shows.

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